Succession Time Bomb In China

Succession is an issue that I have written much about over the years and this piece from China shows that it is a major issue in China too, possibly moreso, as the next generation are voicing their concerns and just don't want to step up in the family firm.

Many have been inspired to follow the example set by their parents, to work hard and build something of their own, but one good thing to come from the situation is that plans can be made as there is more of an open and honest dialogue taking place. The next generation are looking to create their own businesses, family firms of the future that will address some of the issues that are coming to the fore as the economy continues to evolve.

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China has a problem with family businesses: a sizeable number are preparing to hand over control to the next generation. However — in a development that some say will hurt and others think might help the world’s second-biggest economy — some may not stay in business at all.
More than half of the children of the wave of entrepreneurs that built China’s export economy after former leader Deng Xiaoping opened the Communist nation to free market capitalism in 1979 do not want to succeed their parents as bosses of their family firms, surveys and academic studies suggest. Instead, they would rather work for themselves or in fashionable industries such as banking, investment and technology.